Santa Ana-based developer Innovative Housing Opportunities has broken on a new apartment complex catering to formerly homeless and low-income seniors in Anaheim.
The El Verano apartments, located at 1248 E. Lincoln Avenue, located at 1248 E. Lincoln Avenue, will rise from a 1.1-acre property that was formerly home to the Sandman Motel. Plans call for the construction of 54 residential units catering to households earning between 30 and 60 percent of the area median income, as well as amenities such as a community room, a community room, and a health offices. Residents will have access to services including case management, and health classes, and skill building programming.
The three-story, Spanish-style building is being developed at a cost of $28 million with financing via low income housing tax credits and partnerships.
Rents at El Verano will range from $615 per month for some one-bedroom units to as much as $1,476 per month for two-bedroom apartments, according to a staff report to the California Tax Credit Allocation Committee.
The project site is owned by the City of Anaheim and leased to Innovative Housing Opportunities for a period of 65 years.
- Anaheim (Urbanize LA)
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